By Mary Ellen Podmolik | ShoreBank Corp. announced a new management structure led by financial industry executives who have been assisting the company with its capital-raising effort and restructuring.

The company named William Farrow, who most recently served as executive vice president and member of the Chicago Board of Trade’s office of president, as its president and chief operating officer. Eileen Kennedy, previously executive vice president and global chief financial officer for Gartmore Asset Management, was named chief financial officer of ShoreBank Corp. and ShoreBank. The appointments are subject to regulatory approval.

In March, the bank announced that David Vitale, former First Chicago
Corp. vice chairman, would become the corporation’s executive chairman
and that bank CEO George Surgeon also would become the holding
company’s CEO.

ShoreBank’s capital-raising is an “ongoing process,” a spokesman said.